Apple, Lego, Philips, Samsung, IBM, GSK and, most recently, Tata Steel, among many others – all have adopted open innovation initiatives to expand their organisations’ horizons. You’ll likely need to do this, too, since competitive advantages enjoy shorter lives. As the demand for external creative minds increases, how can you best capture the right audience to generate value?
Transforming, rule-breaking ideas have long been invaluable for organisations. Today, they go even further and faster – across time and space – to change processes, services, sectors and even our society. However, no company holds within itself all the answers, no matter how many geniuses work for you or how competent your teams are.
This is where, in our knowledge economy, open innovation steps in to allow you to tear down more traditional corporate walls and to access new sources of possibilities: the ideas, insights, opinions and visions of clients, partners, consumers and scientific and academic communities. If you do it right, you can measure the market and consumers’ pulses and gather meaningful content to establish new or improved routes to your market.
In the following posts, we first go through the value and promise of open innovation in the business world – from brand awareness and customer engagement through to the search for fresh answers or technology scouting. We will address, as well, the existing expectation gap, which is all too often a source of frustration for both managers and participants.
Next, we focus on solutions that make your initiatives work and efficiently deliver results – using the best tools and practices to establish connections with your communities.
CREATING VALUE NETWORKS
Pioneering enterprises have already established links with customers and businesses via a broad array of digital devices. These companies are forming new virtual ecosystems, as Accenture notes in its annual report on the outlook of global technology trends, Technology Vision 2015.
As larger and smaller companies – across all industries – embrace open innovation, your ultimate challenges are how to establish your own ecosystem, get your audience tuned in and keep them engaged.
The fight for your audience’s attention has begun.
READ MORE:
The rise of open innovation
The promise of open innovation
Innovation beyond closed corporate walls
How to conquer your audience
Fighting for your audience? Take on the right incentives
Where in the world is the audience for your open innovation programme?
Never forget your most valuable innovation asset
Six must-haves in the quest for open innovation success
How to create valuable open innovation ecosystems
Pedro da Cunha, Exago’s co-founder/ pdc@exago.com